After Men's Wearhouse rejected the $48 per share proposal as too low, the Houston-based chain's largest shareholder demanded the offer be considered. Men's Wearhouse then asked its financial advisers for a review, according to a letter this week from Eminence Capital, which owns 9.8 percent of Men's Wearhouse common stock. The letter urged the Men's Wearhouse board to quickly complete a review and start discussions with Bank by Thursday, the deadline to enter talks before Bank said it will walk away.

Bank has said it would consider raising the offer if allowed to review Men's Wearhouse's nonpublic company information.

As of late Thursday, a spokesman for Bank had no comment. A spokesman for Men's Wearhouse could not be reached.